SPIRITS are high as the weather man finally posts a win and delivers good soaking rain across the eastern wheat belt.
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With more falls forecast largely across NSW this week farmers will be able to finalise their crop rotation plans and get ready for sowing.
Those with selling intentions can take advantage of the opportunities presented with recent market movements.
Last week proved to be volatile yet again with the market largely trading the weather, and the fundamentals of the Black sea's production.
While we saw our market lose a little ground for the week there is still a large proportion of risk factored into the market, a little bit of rain can make a big difference at this stage of the game.
More rain in the American cropping regions as well as easing tensions in the Black Sea would see the risk premium unwind from the market.
US winter crop is currently coming out of dormancy, despite being in excellent condition before the snow cover came in, the US has had some weather extremities since and possible winter kill will be unknown until the snow cover melts.
The top US wheat producing state Kansas received some rain last week but with only 33 per cent of the State's crop in the "good-excellent" category they need a lot more moisture to deliver a decent harvest.
The Black Sea saga has drawn away from the spotlight as the situation hasn't improved, but hasn't gotten any worse either.
It is a volatile time for the Ukraine financially so there is a fear access to capital could be an issue for spring planting.
Early this week trade eagerly awaits the result of the US Department of Agriculture's quarterly stocks and planting intentions reports; these reports are the start of the indications of what we will see for the 2014-15 season's crops and can often cause a large movement in the market.
During the past six years this report has swung the CME futures market at least 20 cents one way or the other.
The markets will not set a clear trend until the release of the report.
As the 2014-15 cropping season is looking a lot more fruitful it may present a good opportunity to lock in a portion of the new season crop.
Jon Moses is an AWB farm marketer at Wagga Wagga.